My unique, big-picture perspective of asset pricing, which differs drastically from both the consumption CAPM and behavioral finance, is elaborated in my article titled "The investment CAPM" published in 2017 at European Financial Management. See also mykeynote at the European Financial Management Symposium on "Finance and Real Economy," April 2017, Xiamen, China; my keynote on "The investment CAPM: An update" at "Merton H. Miller" EFM 2018 Doctoral Seminar, June 2018, Milan, Italy; my Ph.D. lecture on ''The supply theory of asset pricing'' at Peking University's Guanghua School of Management, November 2018, Beijing, China; and my keynote at 2nd Annual Conference on ''Corporate Policies and Asset Prices,'' Cass Business School, City, University of London, December 2018, London, UK

Petrosky-Nadeau, Nicolas, and Lu Zhang, 2019, Unemployment crises. A search and matching model with credible bargaining, when calibrated to the mean and volatility of unemployment in the postwar sample, potentially explains the unemployment crisis in the Great Depression.

Hou, Kewei, Haitao Mo, Chen Xue, and Lu Zhang, 2018, q^5. The Internet Appendix | Slides | Invited lecture at 15th Bernstein Quantitative Finance Conference | Keynote at 5th AP2-CFF Conference on "Can Financial Research Be Used in the Finance Industry?" University of Gothenburg, Sweden | The q^5 model, which augments the Hou-Xue-Zhang q-factor model with an expected growth factor, outperforms the Fama-French 6-factor model in explaining a large set of anomalies.

Zhang, Lu, 2005, Anomalies, NBER working paper 11322 | Runner-up, Best Paper Award at the 2005 Utah Winter Finance Conference | An economic explanation for why investment and profitability play a fundamental role in the cross section of expected returns.

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